by Vic Ruth

Vic is the co-founder of Estplan Pty Ltd, a visionary firm which educates and guides advisers offering family wealth management services. He has had a stellar career spanning 30 years and gained national recognition amongst financial advisers.  Estplan and the FPA have a strategic alliance and jointly promote the Accredited Estate Planning Strategist program.

On April 7, FPA members voted Yes for the new FPA and witnessed the birth of financial planning as a profession in Australia. The members of the FPA united behind a common goal to transform the FPA into a professional association for individual financial planning practitioners. The near future will see the transformation of the association from an industry body to this professional association.

Changes within the financial planning industry have been propelled externally by a reformist federal government and legislation and internally by a need to develop commercial outcomes for longevity. Many practices have been forced to review their business models, service offer and pricing to support these changes.

In this complex and fluid environment an association like the FPA has an important role to play. It serves not only as a voice for the industry but provides stringent competency standards for its members. Clients in turn have a benchmark to assess planner capability.
The FPA has a new strategy which offers each individual member a say in its governance – or an individual vote. I view this vote as a positive step toward developing a sustainable unbiased future for the FPA. Basically, this association has pared back to recognize the individual member and give them the ability to express an opinion in the governance of their association.

I have had the privilege of working with industry associations for decades and believe this step will help cement the positive changes that have occurred - making planning a respected, professional career for many.

I acknowledge that there are always issues regarding resourcing and membership fees which make these associations difficult to run – as a result, members perception is that the associations overpromise and under deliver. 

However, it is my experience that any professional association which sets standards to provide an assurance of proficiency, should have individual members so that outcomes are not skewed.

I view this vote as a positive step toward developing a sustainable, unbiased future for the FPA.

Visit us at Estplan www.estplan.com.au to tell us what you think about the new FPA, or send us an email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .